No district may incur debt greater than an amount equal to twenty times the annual maximum tax levy as authorized by § 34-31A-21. A district may borrow money and issue appropriate evidence of indebtedness within the limits authorized by this section.
S.D. Codified Laws § 34-31A-31
Maximum indebtedness of district--Borrowing power
Source: SL 1971, ch 208, § 8; SL 1983, ch 28, § 27; SL 1990, ch 277.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.